C04579-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
---|---|---|
Common shares | 1,023,456,698 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
---|
Acquisition of additional shares in subsidiary by a wholly-owned subsidiary of Vivant Corporation. |
Background/Description of the Disclosure |
Vivant Energy Corporation (Vivant Energy) and Vivant Renewable Energy Corporation (VREC), wholly owned subsidiaries of publicly listed Vivant Corporation, are set to acquire 50% of the outstanding and issued shares and subscription rights of partner Gigawatt Power Inc. (GPI) in Culna Renewable Energy Corp. (CREC). |
Date of Approval by Board of Directors |
May 17, 2023 |
---|
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
---|
The transaction is a strategic investment that will allow Vivant to expand its investment in the off-grid areas and remote communities. |
Date | Jun 1, 2023 |
---|
Manner |
---|
Share purchase through the execution of a Share Sale and Purchase Agreement. |
Description of the company to be acquired or sold |
CREC is the project proponent for the construction and operation of hybrid facilities to supply Culion Island with a guaranteed dependable capacity of 1.96 MW and to supply Linapacan Island with guaranteed dependable capacity of 0.358 MW. The Culion Power Station will have a configuration of 2.42 MW Diesel Genset, 2.80 MWp Solar PV and a battery storage system while the Linapacan Power Station’s installed capacity will be composed of 540 kW Diesel Gensets and 325 kWp Solar PV. |
Number of shares to be acquired or disposed | 2,192 |
---|---|
Percentage to the total outstanding shares of the company subject of the transaction | 50 |
Price per share | The transaction value is less than 1% of assets |
Nature and amount of consideration given or received |
---|
40% of the purchase price was remitted to GPI by Vivant Energy. |
Principle followed in determining the amount of consideration |
The amount of the consideration was negotiated between the parties. |
Terms of payment |
Full payment will be due upon issuance of the Certificate Authorizing Registration and fulfillment of all conditions precedent to complete the transaction. |
Conditions precedent to closing of the transaction, if any |
The usual conditions precedents applicable in this kind of transaction. |
Any other salient terms |
None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
---|
This transaction is expected to generate returns for Vivant Corporation’s shareholders. |
Other Relevant Information |
The date of Board Approval pertains to the approval by the subsidiaries, Vivant Energy and VREC. |
Name | Catherine Bringas |
---|---|
Designation | Senior Assistant Vice President |